'12% GST rate was intended to be transitional'

With monthly GST collections now averaging over ₹2 lakh crore and state revenues remaining robust, tax experts believe the stage is set for a major structural reform: eliminating the 12% slab and moving towards a three-rate GST system. “The 12% rate, when it was introduced, was intended to be a transitional or intermediary rate. It was never meant to prevail for a very long time. But we are now en…